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Analyzing dynamic models (1/2) Kingston Economic Change & Ideas. The basics.

Steve Keen April 15, 2018 Steve Keen's Debt Watch

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Summary:
This is the first of a two-part lecture on the basics of analyzing a dynamic model, written for a mixed audience of students ranging from engineers to whom this stuff is old hat, to students who have done no mathematics since high school (apart from, for most of them, what they encounter in a standard ...

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This is the first of a two-part lecture on the basics of analyzing a dynamic model, written for a mixed audience of students ranging from engineers to whom this stuff is old hat, to students who have done no mathematics since high school (apart from, for most of them, what they encounter in a standard economics undergraduate degree).



I doubt that this will have much of an audience outside my students, but you never know! The one part of economic interest comes towards the end when I discuss why the so-called “multiplier-accelerator” model of the trade cycle, developed independently in the 30s and 40s by Hicks, Hansen and Samuelson, is in fact not a dynamic model at all.



I also have to note that my preparations for this lecture were disturbed by a family issue that took me to Sydney for about ten days, and that I had far too good a dinner the night before with, among others, the mathematician Matheus Grasselli, and I started this lecture with a very foggy head! One hour in, I think I came into my own.



I’ll continue this lecture next week (with an online talk, since formal lectures have ceased at Kingston for 2018)



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About Steve Keen
Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.
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